Fair Home Mortgage in Charlotte is specialized in Mortgage Loan services. They are servicing at the Research Triangle area. They are also expertise in providing Property Mortgage service. They are available only on weekdays from 10:00 to 19:00. Fair Home Mortgage has built a strong reputation as an amazing mortgage brokerage firm, serving the lending needs of individual homebuyers throughout the state. They are a full service mortgage broker with an experienced staff offering expertise in every area of mortgage lending starting from purchase to refinance. Also they have access to a full range of mortgage sources and all of their lending experts are dedicated in finding the exact loan with the best rates, terms and costs to meet the client’s unique needs. But these are just the beginning of their services and they do provide a lot more services. Throughout the lending process, they provide regular loan updates and progress reports, so you can know the status of your loan regularly. Whatever the reasons, their mortgage specialists are ready to assist you with all your doubts regarding the mortgage services. Get more loan options because they work with numerous lenders in the Triangle area. They can finance tricky deals because of their knowledge and various lending partners. And it is their pleasure to offer all of their exceptional mortgage services online. With the help of it you not only have access to the best loans available in the market, but also you can review loan alternatives and even apply for your loan.
The 2/1 Buy-Down Mortgage Allows The Borrower To Qualify At Below Market Rates So They Can Borrow More. The Initial Starting Interest Rate Increases By 1% At The End Of The First Year And Adjusts Again By Another 1% At The End Of The Second Year. It Then Remains At A Fixed Interest Rate For The Remainder Of The Loan Term. Borrowers Often Refinance At The End Of The Second Year To Obtain The Best Long-Term Rates. However, Keeping The Loan In Place Even For Three Full Years Or More Will Keep Their Average Interest Rate In Line With The Original Market Conditions.
This Loan Is Fully Amortized Over A 15-Year Period And Features Constant Monthly Payments. It Offers All The Advantages Of The 30-Year Loan, Plus A Lower Interest Rate—And You'Ll Own Your Home Twice As Fast. The Disadvantage Is That, With A 15-Year Loan, You Commit To A Higher Monthly Payment. Many Borrowers Opt For A 30-Year Fixed-Rate Loan And Voluntarily Make Larger Payments That Will Pay Off Their Loan In 15 Years. This Approach Is Often Safer Than Committing To A Higher Monthly Payment, Since The Difference In Interest Rates Isn'T That Great.
These Increasingly Popular Arms—Also Called 3/1, 5/1 Or 7/1—Can Offer The Best Of Both Worlds: Lower Interest Rates (Like Arms) And A Fixed Payment For A Longer Period Of Time Than Most Adjustable Rate Loans. For Example, A "5/1 Loan" Has A Fixed Monthly Payment And Interest For The First Five Years And Then Turns Into A Traditional Adjustable-Rate Loan, Based On Then-Current Rates For The Remaining 25 Years. It'S A Good Choice For People Who Expect To Move (Or Refinance) Before Or Shortly After The Adjustment Occurs.
With This Loan, The Interest Rate Is Recalculated Every Month. Compared To Other Options, The Rate Is Usually Lower On This Arm Because The Lender Is Only Committing To A Rate For A Month At A Time, So His Vulnerability Is Significantly Reduced.
The Traditional 30-Year Fixed-Rate Mortgage Has A Constant Interest Rate And Monthly Payments That Never Change. This May Be A Good Choice If You Plan To Stay In Your Home For Seven Years Or Longer. If You Plan To Move Within Seven Years, Then Adjustable-Rate Loans Are Usually Cheaper. As A Rule Of Thumb, It May Be Harder To Qualify For Fixed-Rate Loans Than For Adjustable Rate Loans. When Interest Rates Are Low, Fixed-Rate Loans Are Generally Not That Much More Expensive Than Adjustable-Rate Mortgages And May Be A Better Deal In The Long Run, Because You Can Lock In The Rate For The Life Of Your Loan.
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